共同所有權結構對公司價值的影響―以臺灣上市櫃電子產業為例

越來越多的研究表明，共同所有權導致公司之間的合作增加、競爭減少，使市場型態趨向不利的方向發展。本研究探討臺灣上市櫃電子產業是否存在反競爭的現象，並延伸探討共同所有權與公司治理以及家族企業等子議題，本研究主要參考國外學者(Azar et al. ,2018；Lewellen and Lowry ,2021；Kini, Lee and Shen, 2021)的研究方法，實證結果發現臺灣上市櫃電子產業具有共同所有權現象，且共同所有權對公司價值有正面顯著的影響。其次，進一步驗證與公司治理的關係，並發現共同所有權與公司治理優劣的相關性不高，以此可證明共同所有權會對公司價值產生影響，並非來自於主導公司治理。再者，共同所有權會對家族企業之公司價值產生正面影響，說明機構投資者看好其發展潛力積極進行投資，實際上，並不會透過主導公司決策與危害公司治理的行為達到金融機構之目的。臺灣電子產業會因為證券市場的所有權結構而影響到公司價值，但並未影響到公司治理。本研究建議未來仍需持續關注我國共同所有權的發展趨勢，並採用多種方法衡量機構所有權的影響力，以及機構投資者對公司治理與總體經濟的影響。

關鍵字

共同所有權；機構投資者；公司價值；公司治理

並列摘要

A growing number of studies suggest that common ownership caused cooperation among firms to increase and competition to decrease. It will turn the market form in an unfavorable direction. Our study dedicated to explores whether there is an anti-competitive phenomenon in Taiwan's listed electronics industry. On the other hand, we extended discussions on sub-topics such as corporate governance and family businesses. The research method mainly refers to (Azar et al. ,2018；Lewellen and Lowry ,2021；Kini, Lee and Shen, 2021). Our results find that there is a phenomenon of common ownership in the electronics industry ,and common ownership has a certain degree of positive impact on the firm value. Second, common ownership is insufficiently correlated with corporate governance. This proves that common ownership has an impact on firm value that does not come from dominating corporate governance. The last point is that common ownership has positive impact on the firm value of family business. It shows that institutional investors are optimistic about its development potential and actively invest in companies. In fact, institutional investors will not have the power to dominate company decisions and jeopardize corporate governance.This result shows that firm value of electronics industry is affected by ownership structure of the stock market. But it doesn't affect corporate governance. Finally, this study suggest that we must pay attention to the trend of common ownership in the future, and use a variety of methods to measure the power of institutional ownership. The most important is, law enforcement authorities have to notice the impact of institutional investors on corporate governance and Macroeconomics.